BRYAN, Texas, Aug. 3, 2010 (GLOBE NEWSWIRE) -- On July 19 at 6:30 a.m., the countdown began and volunteers, sponsors, builders, and future homeowners of Bryan/College Station Habitat for Humanity (BCS Habitat) raced to begin Builders Blitz 2010, a five-day project to build five single-family homes.
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Months of planning and anticipation led up to the Builders Blitz week of July 19 through July 23, 2010. BCS Habitat partnered with the Bryan/College Station Home Builders Association which included 13 building companies, along with numerous sponsors and hundreds of volunteers to successfully complete the project.
As a sponsor of Builders Blitz 2010, representatives of the Federal Home Loan Bank of Dallas (FHLB Dallas) participated in the building efforts and met many of the families that will move into the homes constructed during Builders Blitz. In 2009, FHLB Dallas and The Bank & Trust of Bryan/College Station awarded a $112,800 Affordable Housing Program (AHP) grant to BCS Habitat to provide 20 first-time homebuyers with down payment and closing cost assistance on newly constructed Habitat homes. Homeowners of the five homes built during Builders Blitz will be eligible to qualify for assistance from the AHP grant.
"No task is ever too far out of reach when you have the dedication of an entire community supporting your cause," said FHLB Dallas President and CEO Terry Smith. "We were proud to be a part of this incredible event, and to participate in the efforts that provided homes to five well-deserving families. The BCS Habitat Builders Blitz 2010 exemplifies what the Affordable Housing Program is all about – an entire community coming together in order to accomplish a common goal."
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants issued by its member financial institutions, such as The Bank & Trust. In 2009, FHLB Dallas awarded $10.5 million in AHP grants to 1,361 affordable housing units within its five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. More than $1.65 million of the funding was awarded to projects in Texas and will result in the creation or renovation of 248 affordable housing units within the state.
"Your grant will help us change the lives of 20 families," said Kris Thurman, grants and loans specialist for BCS Habitat. "The down payment and closing cost assistance is a final step to getting these families into fabulous new homes that are located in a safe and well-kept neighborhood. We have seen first-hand how these families thrive, and especially how the kids excel socially and academically once they are out of their old environment. BCS Habitat was able to use land that was once a communal burden and turn it into a thriving neighborhood, called Angel's Gate, specially designed for Habitat families. The AHP grant has had a tremendous impact on us all, including those involved with BCS Habitat, our partners, and the community as a whole. We are so thankful for FHLB Dallas and The Bank & Trust for being a part of this project."
All five homes built during Builders Blitz 2010 are located in Angel's Gate, a subdivision that, once complete, will be the site of 100 Habitat homes. It is named for all of the "angels" that have donated time and funding to help make the dream of homeownership come true for all of its residing families.
BCS Habitat approached The Bank & Trust to apply for the AHP grant since funding is only available through FHLB Dallas member institutions. Mike Holmgreen, vice president of The Bank & Trust, said it was a privilege to work with BCS Habitat and he feels fortunate that he was able to obtain funding for this project.
"It's an all-around great opportunity for Bryan-College Station," said Mr. Holmgreen. "It's a great opportunity for Habitat for Humanity to help more people, and it's a great opportunity for people who weren't in a house to get into a home."
By the end of the first day, the walls were raised on all five homes, and four days later at 5:00 p.m., BCS Habitat hosted a dedication ceremony to dedicate the homes to the five new homeowners. To purchase a home through Habitat, qualified homebuyers must complete educational courses along with 500 hours of "sweat equity," which involves working on other families' homes before constructing their own. Like any other homeowner, families purchasing a Habitat home must pay a monthly mortgage, utility bills, maintenance and upkeep. Habitat is able to offer homes at a more affordable rate through donors, sponsors, volunteers, and the dedication of Habitat candidates fulfilling their "sweat equity" commitment.
The Home Builders Association partners with BCS Habitat for Builders Blitz once every two years, and the number of homes is determined by how many sponsors, volunteers, and donations are available to support the event. BCS Habitat was one of the few Habitat for Humanity affiliates that was able to coordinate the national building effort this year. BCS Habitat raised more than $90,000 in building supplies to construct the five homes.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $57.1 billion as of June 30, 2010, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas web site at fhlb.com.
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